BREAKING: Nigeria’s Inflation Hits 12.20%
The National Bureau of Statistics (NBS) has disclosed that inflation rose to 12.20% in February 2020.
The NBS made the disclosure on Tuesday, stating that the increase was 0.07% higher than the rate in January 2020 which was 12.13%.
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The Bureau also stated that headline inflation rose by 0.79%, month on month basis.
Similarly, food inflation rose by 14.90% in February 2020 against 14.85% recorded in January.
According to the body, average annual rate of change of the Food sub-index for the twelve-month period ending February 2020 was 13.98 percent, which represents a 0.12% increase against the figure recorded in January 2020 at 13.86%.
The NBS attributed the hike in inflation on the closure of Nigerian land borders, which hiked the prices of Bread and Cereals, Fish, Meat, Vegetables and Oils and fats.
